Truist Financial Corp Sells 4,650 Shares of T. Rowe Price Group, Inc. (NASDAQ:TROW)

Truist Financial Corp cut its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 14.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,228 shares of the asset manager’s stock after selling 4,650 shares during the quarter. Truist Financial Corp’s holdings in T. Rowe Price Group were worth $2,932,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Stevens Capital Management LP purchased a new position in T. Rowe Price Group in the fourth quarter worth about $337,000. GHE LLC raised its holdings in T. Rowe Price Group by 1.2% in the 4th quarter. GHE LLC now owns 18,907 shares of the asset manager’s stock worth $2,036,000 after acquiring an additional 232 shares during the last quarter. Atria Wealth Solutions Inc. lifted its position in T. Rowe Price Group by 89.6% in the 4th quarter. Atria Wealth Solutions Inc. now owns 8,714 shares of the asset manager’s stock valued at $939,000 after acquiring an additional 4,119 shares in the last quarter. Wynn Capital LLC purchased a new stake in T. Rowe Price Group during the 4th quarter valued at $510,000. Finally, F M Investments LLC increased its holdings in shares of T. Rowe Price Group by 22.2% in the 4th quarter. F M Investments LLC now owns 3,146 shares of the asset manager’s stock worth $339,000 after purchasing an additional 571 shares in the last quarter. Hedge funds and other institutional investors own 73.39% of the company’s stock.

Insider Activity

In related news, insider Jessica M. Hiebler sold 1,138 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $107.13, for a total value of $121,913.94. Following the completion of the transaction, the insider now owns 14,113 shares of the company’s stock, valued at approximately $1,511,925.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Freeman A. Hrabowski III sold 8,740 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $118.32, for a total value of $1,034,116.80. Following the transaction, the director now owns 21,073 shares of the company’s stock, valued at $2,493,357.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jessica M. Hiebler sold 1,138 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $107.13, for a total transaction of $121,913.94. Following the transaction, the insider now directly owns 14,113 shares of the company’s stock, valued at $1,511,925.69. The disclosure for this sale can be found here. Insiders have sold 12,921 shares of company stock worth $1,500,133 in the last three months. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on TROW. StockNews.com cut T. Rowe Price Group from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Morgan Stanley boosted their price objective on shares of T. Rowe Price Group from $114.00 to $125.00 and gave the company an “equal weight” rating in a report on Wednesday, April 17th. TD Cowen upgraded shares of T. Rowe Price Group from a “sell” rating to a “hold” rating and raised their target price for the stock from $92.00 to $114.00 in a report on Monday, April 8th. JPMorgan Chase & Co. boosted their target price on shares of T. Rowe Price Group from $94.00 to $103.00 and gave the company an “underweight” rating in a research note on Tuesday, April 16th. Finally, Evercore ISI dropped their price target on T. Rowe Price Group from $110.00 to $107.00 and set an “in-line” rating on the stock in a research note on Tuesday, April 30th. Four equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $112.10.

T. Rowe Price Group Stock Performance

Shares of T. Rowe Price Group stock opened at $111.25 on Wednesday. The stock’s fifty day moving average is $115.24 and its 200 day moving average is $107.68. T. Rowe Price Group, Inc. has a one year low of $87.43 and a one year high of $132.76. The stock has a market cap of $24.84 billion, a P/E ratio of 13.21, a P/E/G ratio of 1.93 and a beta of 1.40.

T. Rowe Price Group (NASDAQ:TROW) last posted its quarterly earnings data on Friday, April 26th. The asset manager reported $2.38 EPS for the quarter, topping the consensus estimate of $2.04 by $0.34. The firm had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.71 billion. T. Rowe Price Group had a return on equity of 19.70% and a net margin of 29.09%. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.69 earnings per share. Analysts predict that T. Rowe Price Group, Inc. will post 8.75 EPS for the current year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, June 14th will be paid a $1.24 dividend. This represents a $4.96 dividend on an annualized basis and a dividend yield of 4.46%. T. Rowe Price Group’s dividend payout ratio (DPR) is presently 58.91%.

T. Rowe Price Group Profile

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.